Ultra-luxury high-rise apartments a towering success for Sydney

The much-heralded arrival of ultra-luxury apartment towers in Sydney is sliding ever closer.

The luxury skyscraper planned near Hyde Park.

The much-heralded arrival of ultra-luxury apartment towers in Sydney is sliding ever closer with major developers pushing the button on new launches early next year.

The scene is set for a contest between the harbourside Barangaroo precinct — where property records have already been smashed with the sale of a $140m penthouse — and city projects that will see some of Sydney’s best known buildings take on a new life as luxury towers.

Among the most prominent developments proposed is the latest group of buildings at Barangaroo where developer Lendlease is readying the second tower at One Sydney Harbour, Barangaroo South, for launch.

Expectations are building for the latest offer, with Lendlease taking expressions of interest for apartments in the second building.

An artist’s impression of One Sydney Harbour.

Much public attention has been focused on James Packer’s Sydney project — Crown’s hotel, casino and apartment tower — where sales of the 82 ultra-luxury apartments that form the top of the $2.2bn development have held up.

But the area will eventually be dominated by the One Sydney Harbour residential complex comprising a cluster of three towers with staggered heights designed by architect Renzo Piano.

The three towers will be marked out on the western fringe of the CBD by six main clear glass facades capturing the sparkling harbour.

The first tower has 317 residential units and the second 68-storey tower is slated to have 322 apartments.

“In testament to its design by globally celebrated architect, Pritzker Prize Winner, Renzo Piano, a Barangaroo location and enviable harbour views, Residence One at One Sydney Harbour has attracted unprecedented sales success.

This success, including our record penthouse sale of more than $140m, has delivered Lendlease the opportunity to bring Residence Two, One Sydney Harbour to market,” said Lendlease head of residential Ben Christie.

Demand for Residence Two “kicked off strongly and we anticipate an on-market launch in early to mid-2021”.

The view from One Sydney Harbour.

“On completion, the 68-level Residence Two will be home to 322 apartments, soaring 230m with views to the Harbour Bridge and Opera House, and west across Darling Harbour to the Blue Mountains.

“Like Residence One, which is now well under construction and has seen strong sales, Residence Two will boast full-floor and part-floor homes, along with one, two and three-bedroom configurations,” he said.

While border closures have shifted the focus to local buyers he predicts the project will draw global interest. “The Renzo Piano designed towers are attracting strong local and global interest, predominantly from families looking to call Barangaroo home,” Christie says.

CBRE chairman of residential projects Justin Brown says the premium CBD market remained robust through 2020 and the COVID period.

“A lack of supply continues to fuel the market demand, coupled with the strength of the premium housing market and returning expatriates,” he says.

Brown is also seeing strength from within the existing CBD market where purchasers are looking to upgrade into premium offerings such as Barangaroo and Circular Quay. “We believe this demand will continue to strengthen particularly as more activity increases in the CBD as people return in 2021.”

The heart of the city is also seeing activity with property developer Cbus close to launching a new tower above David Jones men’s store and food hall.

That luxury skyscraper is designed for about 100 premium apartments with both Sydney Harbour and expansive Hyde Park views from its 22 storeys.

Other developers are also getting in on the act.

175 Liverpool Street at Sydney’s Hyde Park.

One nearby project is a scheme by Shimao Group, controlled by Hui Wing Mao, winning consent for a twin ultra-luxury tower project overlooking Sydney’s Hyde Park earlier this month.

The plans by Chinese-Australian billionaire would likely see two towers constructed at 175 Liverpool Street, separated by a through site link, which would break up the “wall of towers” along that end of Hyde Park.

The first five levels would go to commercial use while from upper levels to a 34th floor would be high end apartments. Crone Architects is designing the building that will be a backdrop to the ANZAC War Memorial and the Pool of Reflection in Hyde Park.

Another developer backed by a Chinese billionaire, Aqualand Australia, is also advancing plans for North Sydney’s largest luxury residential project, with the company set to take registrations of interest for the first tranche of 441 apartments within weeks.